RIYADH – A new Silicon Valley will emerge in Saudi Arabia, said Vice Minister Haytham AlOhali at the Ministry of Communications and Information Technology (MCIT). He, while speaking to Alarabiya, stated that the estimated investments in projects that were announced during the first day of the LEAP conference would allow for a new tech valley to grow in the Kingdom. Investments valued at $6.4 billion were announced on the opening day, AlOhali said, adding the event also witnessed the launch of the "The Garage" initiative. The Garage initiative is an area in Riyadh that will host startups companies in the technological field. The Garage will host 100 companies in King Abdulaziz City for Science and Technology (KACST) in collaboration with the Cybersecurity Federation. He also revealed the announcement by Saudi Aramco of a billion-dollar investment fund that will focus on renewable energy. Among other projects announced, He stated that Saudi Telecom Company (STC) will invest one billion dollars in submarine communication cables and data centers, and NEOM has launched $1 billion of investments related to Metaverse. The conference also witnessed the announcement of a partnership of $2 billion between the Public Investment Fund (PIF) and a subsidiary of Alibaba. Saudi Arabia is investing in technological projects as it seeks to diversify its economy rather than depending on oil production. The government also expects to invest $1.4 billion in entrepreneurship to support digital content. Over the next eight years, Saudi Arabia expects to create at least 100,000 to 250,000 job opportunities due to rapid growth in the technology sector, which will increase the number of local programmers.
